EVALUASI NILAI PASAR WAJAR SAHAM PT MULTIPOLAR TECHNOLOGY TBK PADA SAAT IPO TAHUN 2013
PETRUS SUWARDI, Prof. Eduardus Tandelilin, M.B.A., Ph.D.
2014 | Tesis | S2 Magister Ek.PembangunanPT Multipolar Technology Tbk. untuk mendapatkan dana dalam rangka memperkuat struktur modal dan melakukan ekspansi usaha melaksanakan penawaran umum perdana pada tanggal 8 Juli 2013. Penelitian ini bertujuan untuk mengevaluasi nilai pasar wajar PT Multipolar Tecnology Tbk. sebagai pembanding atas harga saham pada penawaran perdananya dan untuk menentukan kondisi pada saat IPO dan saat ini apakah undervalued, overvalued atau keseimbangan sebagai dasar analisis penyebab kenaikan harga saham PT Multipolar Technology Tbk. sejak hari pertama diperdagangkan di Bursa Efek Indonesia. Nilai pasar wajar saham PT Multipolar Technology Tbk. diperoleh dengan menggunakan metoda discounted cash flow-cash flow to equity model dan relative valuation dengan multiple PER (Price to Earning Ratio), PBV (Price to Book Value) dan P/S (Price to Sales Ratio). Nilai pasar wajar saham ini dapat digunakan sebagai pembanding terhadap harga penawaran umum perdana yang ditawarkan kepada publik dan masukan bagi investor sebagai bahan pertimbangan jika hendak melakukan transaksi terkait saham PT Multipolar Technology Tbk. Data yang diteliti dalam penelitian ini berupa laporan keuangan dan informasi lain yang terkandung dalam laporan tahunan dan prospektus PT Multipolar Technology Tbk., laporan keuangan perusahaan pembanding, harga saham PT Multipolar Technology Tbk., harga saham perusahaan pembanding dan Indeks Harga Saham Gabungan (IHSG). Metoda analisis yang digunakan untuk menentukan nilai nilai pasar wajar saham adalah metoda DCF - free cash flow to equity model dan relative valuation. Hasil penelitian nilai pasar wajar per lembar saham PT Multipolar Technology Tbk per 31 Desember 2013 adalah sebesar Rp944,91. Nilai pasar wajar per lembar saham pada saat IPO per 8 Juli 2013 berada pada rentang nilai antara Rp811,36 sampai dengan Rp942,94 dengan harga penetapan penawaran umum perdana Rp480, adalah undervalued. Nilai pasar wajar per lembar saham PT Multipolar Technology Tbk. per 31 Maret 2014 berada pada rentang nilai antara Rp907,17 sampai dengan Rp1.054,28 dengan harga pasar Rp1.015 adalah berada pada keseimbangan. Kata Kunci: nilai pasar wajar, penawaran umum perdana, discounted cash flow- free cash flow to equity model, relative valuation, undervalued, overvalued
PT Multipolar Technology Tbk to obtain funds in order to strengthen the capital structure and for company’s bussines exspantion implement its initial public offering on July 8, 2013 . This study aimed to evaluate the fair market value of the shares of PT Multipolar Technology Tbk. for comparison over the stock price at the initial public offering (IPO) and to determine The IPO's condition and during this time is undervalued , overvalued or balance as the basis for analysis cause of the increase in stock price of PT Multipolar Technology Tbk since the first day trading at the Indonesia Stock Exchange. The fair market value of the shares of PT Multipolar Technology Tbk was obtained by using the discounted cash flow – cash flow to equity model and relative valuation model with multiple PER (Price to Earning Ratio) , PBV (Price to Book Value) and P/S (Price to Sale Ratio) . The fair market value of these shares may be used as a comparison to the initial public offering price offered to the public and can be used by investors to consideration if want to conduct transactions related to shares of PT Multipolar Technology Tbk. The data examined in this study is the financial statements and other information contained in annual report and in the prospectus of PT Multipolar Technology Tbk., financial statements of comparison companies, the share price of PT Multipolar Technology Tbk., the share price of comparison companies, and the stock price index. The method of analysis used to determining the fair market value of the shares is a method of DCF-free cash flow to equity model and relative valuation. The results in fair market value of the shares of PT Multipolar Technology Tbk as at December 31, 2013 is Rp944,91. The fair market value per share at the time of the IPO July 8, 2013 are in the range between Rp811,36 up to Rp942,94 with the initial public offering price fixing Rp480, is undervalued , while the fair market value per share March 31, 2014 are in the range of values between Rp907,17 up to Rp1.054,28 with the market price at Rp1.015 is to be in balance. Keywords : fair market value, the initial public offering , discounted cash flow-free cash flow to equity model , relative valuation , undervalued , overvalued
Kata Kunci : nilai pasar wajar, penawaran umum perdana, discounted cash flow- free cash flow to equity model, relative valuation, undervalued, overvalued
